Reference no: EM132528813
Question - At the end of the year, the following balances were computed by the accountant:
Assets - P500,000 Liabilities - P100,000
Owner's equity - P400,000 (inclusive of Net Income)
Revenue - P80,000 Expense - P42,000 Net Income - P38,000
The following items were not recorded by the careless accountant:
a. Accrued Salaries - P2,000
b. Accrued Interest Income - P3,300
c. P4,250 of prepaid rent has already been used.
d. P1,200 of unearned subscription has already been earned
e. P500 worth of depreciation expense
f. P120 worth of bad debt expense.
Required - Compute for the adjusted amounts of assets, liabilities, owner's equity, revenue, expenses, net income.
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